Security Informatics Essay Example | Topics and Well Written Essays - 750 words

Security Informatics - Essay Example sin examples of well known companies that have suffered huge losses due to cyber attackers corrupting or manipulating their data resources are Yahoo, AOL, E-bay, Citibank and Egghead.com. This effectively brings us to the first fountain why firms share information regarding their auspices state. To strengthen wholenesss information auspices numerous organizations recognized a key factor being the gathering, compendium and sharing of information related to the actual, as well as all unsuccessful attempts at, computer security beaches. This very notion lead to the formation of the industry- based Information Sharing and Analysis Centers (ISACs) which aimed at enhancing security measures of the cyber infrastructure of respective(a) firms. By this mutual collaboration, despite the fact that various companies reveal information that could be considered embarrassing regarding their security state, they benefit greatly in other ways. These being on receiving end of various security practices and solutions which would result in the production of much more secure products and an increase in the boilersuit market demand for security enhancing software and hardware. True there are several benefits if the firm chooses not to disclose information about their security state in terms of financial costs incurred come in disclosure, the negative publicity that might result in loss of market shares and an increase in the likelihood of leakages by increasing the number of holders of the information regarding sensitive security flaws. However the firms by and by a cost-benefit analysis chose to share security information due to two key advantages. The first is the offstage firm specific benefit which aims at preventing further security breaches and future fraud losses. By expending on identifying and repairing existing vulnerabilities the firm cuts costs in terms a prevention of future security threats. Furthermore the increased amo unt of sales due to an acquisition of a better security spirit and goodwill as a result of these measures more than covers up the initial financial cost invested. By reporting a security breach to central monitoring the firm effectively sends a virile message to the customer that portrays them as responsible, committed to developing rigorous security procedures designed to protect and fulfill care of the customer and a company more reliable as well as secure. This overbearing image does wonders for the company in terms of profitability and market share. The industry benefits are the other reason for information sharing by companies. As there is an increase in the overall customers trust in transacting with a particular firm it directly affects the overall market size within the industry. This increase in the customer base simply by addressing their fears of privacy and information security related issues leads to more broom selling and upsellling by companies. B2C e-commerce is also positively impacted for the very same reason. Look at the wonders viragos efforts in terms of protecting the integrity of customers data and increasing confidence in online purchases has paved way for numerous online businesses to initiate operations and be acceptable to consumers. There are three dimensions of incredulity that exist in vulnerabilities. Firstly there is representativeness, which is mainly applied in order to assess the chance that an object or an event A belongs another process B. Availability of